A taskforce to tackle issues faced by defined benefit schemes was launched today by the PLSA.
The announcement, made by PLSA chief executive Joanne Segars at the association's investment conference said the group of industry experts and academics is seeking views and evidence from schemes of all sizes, as well as sponsors, regulators, government and intermediaries.
The group aims to get to the heart of issues affecting DB schemes.
It intends to report its initial findings in the summer and then at the PLSA annual conference in October, where it will announce recommendations to Government to help make sure DB pensions are sustainable.
Segars said: "The difficulties facing defined benefit schemes are much talked about and they often seem too complex or enormous to address – but those problems aren't going away any time soon.
"The issue cannot be ignored because there are around 16 million1 people in DB schemes and the health of those schemes can also have a material effect on employers, government and the wider economy.
"Some of the solutions the taskforce develops may be radical, but if we work together I am confident we can find the right answers."
The DB taskforce will be chaired by Ashok Gupta, who said the industry faces a variety of challenges.
He said: "There is broad consensus that the pensions sector should provide sustainable outcomes for members and act as a powerful engine of growth to the economy but it is clear that for some time pension schemes have been grappling with a wide range of challenges, including scheme funding, changing regulatory requirements, and an uncertain macro-economy.
Taskforce members:
- Ashok Gupta Chair
- Duncan Buchanan Partner, Hogan Lovells, President, Society of Pensions Professionals
- Frank Johnson Pensions and Lifetime Savings Association DB Council
- Jackie Peel Pensions and Lifetime Savings Association DB Council
- Stephen Soper Senior Pensions Adviser, PwC
- Paul Trickett Chairman of Trustees of the Legal and General Mastertrust and Zurich UK pension scheme
- Kevin Wesbroom Senior Partner, AonHewitt
- Lesley Williams Pensions and Lifetime Savings Association Chair
First published 11.03.2016
Lindsay.sharman@wilmingtonplc.com
